UK-based Vedanta Resources, the parent company of India’s Vedanta, has settled $245.75 million in dues to revive operations at Konkola Copper Mines (KCM) in Zambia as part of a deal to regain control of the mines, the Indian miner announced on Friday.

Billionaire Anil Agarwal’s Vedanta regained control of the mines and smelter in November 2023, following their seizure by the Zambian government in 2019. Vedanta had to settle debts to restart operations.

After a five-year legal battle, Vedanta Resources regained control of KCM assets, previously seized by former Zambian President Edgar Lungu for allegedly not investing in copper production expansion.

To fully revive KCM’s operations and develop the Konkola deep mining project, Vedanta still needs to raise an additional $1 billion.

The Zambian government holds a 20% stake in KCM through ZCCM, while Vedanta Resources owns the remaining shares.

Last month, Anil Agarwal stated that Vedanta Resources plans to reduce its debt by $3 billion over the next three years, addressing its mounting debt and multiple rating downgrades from the past year.

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